Fraud Alert: Bogus Cashier’s Checks
8/1/11 - An Idaho title company has notified IREC about several instances of counterfeit cashier’s checks being provided to close transactions involving Idaho property. There are several variations on this theme, but the party providing the checks appears to be in Canada and typically contacts an Idaho real estate licensee to make a cash offer (sight unseen) on a higher-end property. After the offer has been accepted and when it is time to fund the transaction, this person sends a counterfeit cashier’s check and attempts to close the transaction with it. If you have been involved in this type of transaction, please contact the Attorney General’s office to make a report.
Fraud Alert: NAR Rental Scam
The National Association of REALTORS® recently learned that its name is being used as a part of a property rental scam. According to NAR's online REALTOR® Magazine, rental property is being offered to consumers who are led to believe that NAR is functioning as an intermediary to receive rental deposits from prospective tenants and, upon receipt of the deposit, to deliver keys to the property to the tenant. The tenants are instructed to send money via Western Union to NAR's purported agent in the United Kingdom.
NAR officials have confirmed that the association is not involved in this business, believes that it is a scam and has notified law enforcement officials requesting an investigation.
Further details regarding the scam or where it is operating were not announced.